Help to Buy Valuation in LE6

A Help to Buy valuation is specifically designed to meet the requirements set by Homes England for equity loan redemption. Unlike a standard mortgage valuation, this report must be prepared to RICS Red Book standards (Valuation - Global Standards) and include specific elements required by the Help to Buy scheme. Our surveyors will inspect the property internally and externally, assessing its condition, location, and market value. The inspection covers all accessible areas of the property, including the roof space where safe access is possible, the exterior walls, and any outbuildings or extensions.

The valuation report must include at least three comparable sales evidence properties, ideally sold within the last 90 days and within a 2-mile radius of the subject property. This comparative analysis ensures the valuation reflects current market conditions in the LE6 area. Our surveyors have extensive knowledge of local property values across Markfield, Groby, and Ratby, enabling us to provide accurate valuations backed by relevant comparable evidence. We maintain a database of recent sales in the area, including properties on developments like The Pastures and Forest View, which helps us provide robust evidence for your valuation.

The valuation provides an open market value of the property taking into account its current condition, with no deductions made for outstanding repairs or improvements. This differs from some other types of valuation where a surveyor might adjust for deferred maintenance. The report is valid for three months from the date of issue - if redemption does not occur within this period, a desktop valuation or a new full valuation may be required by your lender. We recommend timing your valuation carefully to ensure it remains valid through to completion.

• Internal and external property inspection
• RICS Red Book compliant report
• Addressed to Target HCA
• Minimum 3 comparable sales
• Market value assessment
• Valid for 3 months

The LE6 area encompasses a diverse range of property types, from historic village centre cottages to modern new build family homes. Understanding the construction of your property is important for both valuation purposes and identifying any potential issues. Older properties in Markfield, Groby, and Ratby, particularly those built before 1919, typically feature solid brick walls with timber roofs covered in slate or clay tiles. These properties, which make up approximately 15-20% of the housing stock, often have significant character but may require careful assessment for issues such as rising damp, timber decay, or outdated electrical and plumbing systems.

The post-war period saw significant expansion in these villages, with many semi-detached and detached properties built between 1945 and 1980, representing around 30-35% of the local housing stock. These properties generally feature cavity brick walls and timber roofs with concrete tiles. Some mid-century properties may contain asbestos-containing materials, particularly in textured wall coatings, insulation, and garage structures, which our surveyors will note during the inspection. The 1980s onwards saw further development, with modern new build properties now comprising approximately 30-40% of the housing stock in LE6.

New build properties in the LE6 area, particularly those purchased through Help to Buy at developments like Markfield Place, Forest View, and The Pastures, typically feature modern cavity brick and block construction with rendered sections and modern roofing materials. While these properties are generally in good condition, they still require a proper valuation for Help to Buy redemption. Our surveyors understand the local market and can appropriately value both newer and older properties in the area, taking into account any premium or discount that might apply.

The LE6 area has become a hotspot for Help to Buy purchases in recent years, particularly with the completion of several new build developments. Developers including Davidsons Homes at The Pastures on Leicester Road in Field Head, Jelson Homes at Forest View, and William Davis Homes at Markfield Place have all offered Help to Buy schemes on their properties. These developments have brought hundreds of new homes to the area, with prices starting from around £265,000 for a 2-bedroom home up to over £400,000 for larger detached properties. The availability of Help to Buy made these properties accessible to many first-time buyers who might otherwise have struggled to accumulate a large enough deposit.

Based on the typical property prices in these new build developments, Help to Buy equity loans in LE6 would typically range from approximately £53,000 to over £80,000, representing the 20% equity loan available under the scheme. When combined with a 5% deposit from the buyer and a 75% mortgage, this enables purchasers to buy a new build property without requiring a large deposit. As these Help to Buy properties reach the stage where owners want to redeem their equity loans or remortgage, the demand for RICS valuations in the area has increased significantly. Many of these properties are now reaching the point where owners are looking to step onto the open market or secure better mortgage rates.

The geology of the LE6 area, which is predominantly underlain by Mercia Mudstone Group (a reddish-brown mudstone), can be associated with moderate to high shrink-swell potential, particularly in areas with significant clay content. This geological factor can affect property values and is taken into account by our surveyors during the valuation process. Properties with mature trees nearby or those built during periods of extreme weather may be more susceptible to subsidence or heave issues, which our surveyors will assess during the inspection. Additionally, some areas of LE6 experience surface water flooding during heavy rainfall, particularly in low-lying sections or those with inadequate drainage, and this is factored into our valuations where relevant.

Parts of the LE6 area fall within conservation areas, which can affect property values and the requirements for certain alterations. Markfield has a Conservation Area primarily centred around Main Street, containing several listed buildings including St Michael and All Angels Church. Groby also has a Conservation Area, particularly around the historic village core and Groby Pool, with listed buildings such as Groby Old Hall. Ratby village centre includes a Conservation Area with several historic properties. If your property is within a Conservation Area or is a listed building, this may be noted in your valuation report, as these designations can have implications for future alterations and extensions.

The presence of conservation areas and listed buildings in LE6 does not automatically affect Help to Buy valuations, but our surveyors are aware of these designations and can advise if they have any impact on the property value. In some cases, properties in conservation areas may command a premium due to their character and setting, while listed buildings may have additional considerations due to restrictions on alterations. Our local knowledge of Markfield, Groby, and Ratby enables us to provide accurate valuations that reflect all relevant factors, including any special designations that apply to the property.